Tourmaline Oil announces deal to buy Bonavista Energy worth $1.45 billion

Tourmaline said the deal represents an important component of the company's ongoing consolidation strategy, adding decades of inventory and supplementing its existing Deep Basin assets in Alberta.Acquisition is expected to be immediately accretive to Tourmaline's 2024 free cash flow yieldFollowing closing of the deal, Tourmaline said it expects to exit 2023 with production of over 600,000 barrels of oil equivalent per day.

Under the acquisition, Tourmaline Oil will pay $725 million in shares and $725 million in cash, less Bonavista's net debt at closing. "The Bonavista assets are a natural extension of Tourmaline's existing operations in the Deep Basin where the company is already the largest producer," Tourmaline said in a statement.

Following closing of the deal, Tourmaline said it expects to exit 2023 with production of over 600,000 barrels of oil equivalent per day.

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